Issue details

Cowley Branch Line Project - Funding for Full Business Case

Cabinet, on 14 December 2022, resolved to:

1.    Approve the funding strategy and recommend Full Council to approve a capital budget of £4.56m to deliver the next phase of the project made up of:

·           Up to £289,000 up front contribution from Oxford City Council from already-secured Community Infrastructure Levy (CIL) funds;

·           Up to £3.5m of the costs to be funded by local landowners and then be reimbursed from CIL paid for any future development by those landowners that gains planning consent after the date that contracts are entered into;

·           At least £771,000 from local landowners and Oxfordshire County Council as a non-repayable grant contribution;

·           In the event that the submitted Levelling Up Fund 2 application seeking £4.0m is found to be successful in total or in part, the local funding arrangement described above would be reduced commensurately from one or more of the funding pots outlined above; and

2.    Delegate authority to the Executive Director (Development), in consultation with the Council’s Section 151 Officer, the Head of Law and Governance, and the Cabinet Members for Health & Transport and for Finance & Asset Management to agree financial contributions and terms, and then enter into all relevant funding agreements and contracts.

Decision type: Key

Reason Key: Expenditure, income or savings of £500,000 or greater;

Decision status: For Determination

Wards affected: Blackbird Leys; Cowley; Littlemore; Northfield Brook; Temple Cowley;

Notice of proposed decision first published: 31/10/2022

Anticipated restriction: Part exempt  -

Decision due: 30 Jan 2023 by Council

Decision due: Before 31 Dec 2028 by Executive Director (Development)

Lead member: Cabinet Member for Planning

Lead director:

Department: Regeneration and Economy

Contact: Ted Maxwell, Economy, City Centre & Green Transport Lead Email: tmaxwell@oxford.gov.uk.

Decisions

Agenda items